TOP Ships Inc. Announces Time Charters at Very Strong Rates and Revenue Backlog of $352 Million, 26% Higher Than Previously Reported
July 20 2023 - 8:00AM
TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), an international
owner and operator of modern, fuel efficient "ECO" tanker vessels,
announced today that it has agreed to extend for up to 36 months
the time charter agreements with Clearlake Shipping Pte Ltd. for
its two Suezmax vessels, M/T Eco West Coast and M/T Eco Malibu.
The extended period, which starts after the
expiration of the present time charters in Q1 of 2024, has a firm
duration of a minimum of 30 months and a maximum of 36 months at a
gross daily rate of $32,850. All other main terms of the contracts
that had been previously announced, including the charterer’s
option to extend the charters for 2 additional years at a gross
daily rate of $34,750 for the first year and $36,750 for the second
year, remain unchanged.
The additional revenue backlog expected to be
generated by this time charter extension is about $72 million for
the maximum firm period.
Evangelos Pistiolis, the President, Chief
Executive Officer and Director of the Company, said:
“We are very pleased to have concluded this time
charter extension more than half a year ahead of the firm period
expiration of the present employment of our 2 vessels, taking
advantage of the strong rates prevailing in the current tanker
market.
“This is an attestation, from a top-class
charterer, of the high level of quality of our vessels as well as
the services that we offer.
“After considering the maximum firm duration of
this fixture, the total gross revenue backlog as of December 31,
2022 for the firm time charter period of our operating vessels,
including 50% of our joint venture vessels, that was previously
announced at $280 million is increased to about $352 million.
“The Company’s charter coverage currently stands
as follows:
Year |
|
Operating fleet |
|
2023 |
|
100% |
|
2024 |
|
98% |
|
2025 |
|
55% |
|
2026 |
|
55% |
|
2027 |
|
20% |
|
2028 to Q1 2037 |
|
17%” |
|
|
|
|
|
About TOP Ships Inc.
TOP Ships Inc. is an international owner and operator of modern,
fuel efficient eco tanker vessels focusing on the transportation of
crude oil, petroleum products (clean and dirty) and bulk liquid
chemicals. For more information about TOP Ships Inc., visit its
website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words “believe,” “anticipate,”
“intends,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“may,” “should,” “expect” “pending” and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
For further information please
contact:Alexandros TsirikosChief Financial OfficerTOP
Ships Inc.Tel: +30 210 812 8107Email: atsirikos@topships.org
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